Leaderboard

Thank you very much; what a great idea! So at todays valuation and applying 2025 numbers, MKL ($1983) has a roughly 25% discount to IV and FFH ($1638) even a bit over 50% to IV (I used the $3348 from the pdf). So taking into account the IV numbers of the "orange and blue concept" of Tom Gayner - when would both be fully valued? If MKL would rise 33% tomorrow to a pb ratio of 1.8 (BVPS is $1476 end of 2025) it would be fully valued. FFH (BVPS $1260) could more than double tomorrow to a pb ratio of 2.7 for full valuation. Although I am much more happy with todays valuations, I think paying those prices at full value tomorrow an investor would still outperform the market (at least over the very long run) with both; and the chances are a bit better, when buying FFH. As Buffett said: "It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.” I think both are wonderful companies, while Fairfax seems even a bit more wonderful. But wait: Is the price of MKL and FFH fair? No - it's below IV. So we could change Buffetts cite a bit (and I hope he would agree ) "It's far better to buy a wonderful company at a wonderful price than buying the same wonderful company at a fair price." Imagine that: Paying double todays price for FFH and MKLs price rising a third, FFH would still be (much) cheaper than MKL. At least for everyone who thinks FFH IV to grow faster.

FFH

One other part of the story was surfing the web one random day and finding the Stockhouse message board (not well known south of the border here). Had I not found that, chances are I would not have known about the old MSN Message board and, of course, Corner of BRK/FFH. I've said this before, but had it not been for Cardboard and BSilly, among others, I may not have held my FFH position. I've been really fortunate. -Crip

Fairfax bought back ~107k shares and cancelled ~101k shares in February. Presumably the buying continues this month at these bargain prices. The most they have paid is C$2475 back in December.